September closes with some curious Bitcoin records as 'Uptober' beckons

IT'S been a week of niche, but intriguing records for Bitcoin. First, it’s looking likely that the market leader will post a gain of at least 9% in September, bucking a tradition of negative returns for the month.

Second is Bitcoin’s first three-week winning trend since February. Neither are likely to be going on any fawning parents’ fridges anytime soon, but do they suggest sparks of life after a drab few months? October is often referred to as Uptober because of historic positive performances during the month, will its reputation hold true? 

Zooming in on the shorter timeframe that was the weekend, markets were largely flat, with Sui and Bittensor the only major digital assets to make significant moves.

The major news story was Binance founder Changpeng “CZ” Zhao’s release from prison, with the exchange’s former CEO having served his four-month sentence.

At an estimated net worth of $25.3 billion, he is believed to be the richest person to ever go to prison in the US. Which is another record, of sorts. Though that definitely won’t be going up on his parents’ fridge anytime soon.

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In the Markets

Total crypto market cap

$2.27 trillion (-1.31%)

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What Bitcoin did yesterday

Daily high $65,770 |  Daily low $62,693

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Bitcoin market capitalisation

$1.269 trillion (55.9% of market)

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Bitcoin 24-hour trading volume

$22.65 billion (+52.8%)

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SP500

-0.13%

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Fear and Greed Index

56 (Neutral) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI)

58.17

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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